Valuation of BV Shares in DGA Divorce in Leiden: Methods and Valuations
In Leiden, with its thriving SME sector around the university and Bio Science Park, the value of BV shares often forms the biggest stumbling block in a DGA's divorce. Under Article 1:141 DCC, the value increase during the marriage must be divided through periodic equalization. Three common valuation methods are: discounted cash flow (DCF), multiples of EBITDA, and net asset value, specifically tailored to Leiden-based enterprises such as tech startups and life sciences companies.
DCF calculates future cash flows with a discount rate of 8-12%, depending on risks in the dynamic Leiden market. Multiples vary by sector: 4-8x EBITDA for local SMEs, with higher multipliers for innovative firms in the Bio Science Park. For goodwill, the formula 'average profit x 3-5' plays a role, often applied to Leiden consulting firms or retail businesses. Registered accountants or valuation experts from the region, such as those affiliated with the Leiden Chamber of Commerce, carry this out, with reporting for the District Court of The Hague – Leiden location.
Tax considerations: upon transfer of shares, the Income Tax Act 2001 applies with possible termination levy on FOR, particularly relevant for entrepreneurs with subsidies from the Leiden Bio Science Park. Marital property agreements with cold exclusion protect the DGA, but require periodic equalization of asset growth. Practice in Leiden: summary proceedings at the District Court of The Hague prevent blockages, followed by notarial transfer at a Leiden notary office with adjustment of articles of association. Local expertise from law firms around the Pieter de la Court building is crucial.
Tip: have both parties appoint their own valuer, preferably with knowledge of the Leiden economy, for maximum objectivity and quick handling.